# Table 8c: Partner-Count Heterogeneity

| Variable | Many partners: bilat_total | Many partners: IIP_assets | Many partners: CA | Few partners: bilat_total | Few partners: IIP_assets | Few partners: CA |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 285.9795 | 358.9277 | 19.6031 | 23.6184 | 1994.8513 | 86.7259*** |
| | (721.3700) | (1492.7716) | (31.5608) | (644.0337) | (1721.7671) | (29.3578) |
| Z_2 | -35.1741 | 25.6395 | -3.1055 | 25.2846 | -185.5902 | -11.5413*** |
| | (101.6713) | (210.3086) | (4.4453) | (90.7566) | (240.5803) | (4.1407) |
| Z_3 | 1.2660 | -2.7076 | 0.1265 | -1.7585 | 4.7671 | 0.4255*** |
| | (3.9749) | (8.2392) | (0.1734) | (3.5462) | (9.3918) | (0.1618) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | agg_portfolio_total_gdp | gross_assets_gdp | ca_gdp | agg_portfolio_total_gdp | gross_assets_gdp | ca_gdp |
| N | 581 | 581 | 578 | 605 | 605 | 603 |
| R² | 0.1814 | 0.0490 | 0.0645 | 0.1027 | 0.1013 | 0.3888 |
| Countries | 67 | 67 | 66 | 66 | 66 | 66 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*